Alter Blog • March 1, 2022
Balbix Raises Additional $70 Million to Continue Innovation in Cybersecurity Posture Automation
When Alter Venture Partners first invested in Balbix in 2019, we did so because Balbix had a unique platform to address three key customer challenges. First, cybersecurity leaders were increasingly unable to keep up with the rate of emerging security issues. Second, they were being overwhelmed with mountains of data with few insights about what to do to reduce their cyber risk. Third, their staff were spread thin and often lacked expertise to manage all of their tools.
In short, it was clear that security leaders were losing the battle against their adversaries. Balbix was on a mission to change that and help CISOs restore their home field advantage.
As we fast forward to today, cybersecurity challenges for most organizations have become even more dire. In fact, the task of managing the enterprise attack surface has become so complex, it is no longer a human scale problem.
On the other hand, Balbix has made huge strides to expand the application of AI to automate cybersecurity posture management with large-scale deployments at many Fortune 500 companies. Their customers have benefited from increased business context in Balbix’s real-time asset inventory and software bill-of-materials (SBOM) capabilities. Balbix has also extended its coverage to hybrid cloud environments. We are also very excited about Balbix’s release of the first automated cyber risk quantification solution, allowing CISOs to accurately report on cyber risk in monetary terms.
The company has enterprise customers in industries ranging from finance, healthcare, pharmaceuticals, manufacturing, retail, energy, and natural resources to technology and telecommunications. Balbix’s customers have seen dramatic improvements in their cyber risk. For example, The Master Group in Canada, “reduced breach likelihood from 88% to 35%”. Oerlikon, a Swiss manufacturer, used Balbix to reduce their mean time to patch vulnerabilities by more than 50 percent. Most recently, Balbix helped one Fortune 100 company reduce the time it took to discover and mitigate Log4j vulnerabilities from months to days. Balbix dashboards are routinely used by CISOs to report on security posture to their senior management and boards while becoming an critical tool risk owners.
We are excited to continue the journey and partner with Balbix’s Founder/CEO Gaurav Banga and his leadership team whose dedication to the company, customers, and the cybersecurity sector has been truly inspirational.